Funds from the February hack of crypto exchange Bybit, amounting to $1.5 billion, have been traced to an unnamed Greek crypto exchange by local authorities. Greece’s Anti-Money Laundering Authority identified a suspicious transaction involving a user from the exchange, who received a significant amount of Ethereum. Bybit has managed to recover approximately $42.89 million of the stolen assets. Investigations suggest the attack was orchestrated by North Korea's Lazarus Group, known for high-profile cyberattacks. Following the hack, Bybit sought capital from other firms to maintain liquidity while tracing the flow of the stolen funds. Up to 88.87% of the stolen assets are reportedly traceable on the blockchain, though a portion has been noted to be laundered using privacy-enhancing tools, leaving around 7.59% of funds unaccounted for. This incident may prompt further scrutiny of crypto transactions by Greece’s financial authorities, as the impact of such large-scale hacks ripple through the regulatory landscape.

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